Papuan Precious Metals Corp.: Anomalous Gold Values in Breccias Bolster Copper Porphyry Potential at Kuliuta
26 11월 2011 - 1:00AM
Marketwired
PAPUAN PRECIOUS METALS CORP. (TSX VENTURE:PAU)(OTCQX:PAUFF) ("PPM
or the "Company") announces it has received final assay results for
drill holes KUD003 and KUD005, which tested the gold-bearing
hydrothermal breccias below the trenches within the La'mau'sing or
"Zone A" gold-in-soil anomaly (see news releases dated February 22
and May 2, 2011). Zone "A" is located approximately 200m to the
west-southwest of the sub-volcanic hosted, copper-bearing zone
tested by drill holes KUD007 to KUD011, which identified native
copper over long intervals. On November 10th PPM announced it was
resampling and reassaying core from KUD007 to determine a reliable
assay method for analysing native copper in holes KUD007 to KUD011.
Kuliuta continues to represent a highly prospective porphyry copper
target.
Drillhole KUD003
Hole KUD003 (azimuth 300 degrees, dip 45 degrees, 103.70m total
depth) was collared below gold-bearing breccia in Trench 2 (27m
averaging 3.58g/t Au). Drilling intersected altered and stockworked
latite from the surface to 44.70m and hydrothermal breccia over a
13.90m down-hole interval from 44.70m to 58.60m. Anomalous gold
mineralization was encountered in several discrete intervals, up to
4.0m wide, from 3.0 - 65.0m downhole.
KUD003 assay results are presented in the following table:
----------------------------------------------------------------------------
From (m) To (m) Width (m) Result
----------------------------------------------------------------------------
3.0 4.0 1.0 1.0m @ 0.11 g/t Au
----------------------------------------------------------------------------
6.0 9.0 3.0 3.0m @ 0.49 g/t Au
----------------------------------------------------------------------------
17.0 19.0 2.0 2.0 m @ 0.16 g/t Au
----------------------------------------------------------------------------
21.0 25.0 4.0 4.0 m @ 0.90 g/t Au
--------------------------------------
Incl. 1.0 m @ 1.37 g/t Au
----------------------------------------------------------------------------
40.0 41.0 1.0 1.0 m @ 0.17 g/t Au
----------------------------------------------------------------------------
49.0 51.0 2.0 2.0 m @ 0.40 g/t Au
----------------------------------------------------------------------------
63.0 65.0 2.0 2.0 m @ 0.16 g/t Au
----------------------------------------------------------------------------
Cutoffs: 0.10 g/t Au
----------------------------------------------------------------------------
Hole KUD005
Hole KUD005 (azimuth 130 degrees, dip -45 degrees, 120.10m total
depth) tested the down-dip extensions of the breccia cluster
intersected in overlying Holes KUD001 and KUD002 and drilled below
Trench 11 (50m averaging 0.9 g/t Au), in addition to testing the
deeper copper porphyry potential below a nearby surface breccia
that returned 128 g/t Au, 1.78% Cu, 18.8% Mn and an anomalous 30
ppm Mo (see news release dated May 2 2011). KUD005 intersected
hydrothermal breccia from 19.60m to 42.50m. At 24.70m minor
chalcopyrite was noted with botryoidal haematite. A 20m wide zone
of haematite flooding was noted 66.40m downhole. Anomalous gold
mineralization was encountered in several discrete intervals from
23.0 - 34.0m downhole.
KUD005 assay results are presented in the following table:
----------------------------------------------------------------------------
From (m) To (m) Width (m) Result
----------------------------------------------------------------------------
0.0 2.0 2.0 2.0 m @ 0.14 g/t Au
----------------------------------------------------------------------------
23.0 24.0 1.0 1.0 m @ 1.84 g/t Au
----------------------------------------------------------------------------
29.0 30.0 1.0 1.0 m @ 0.53 g/t Au
----------------------------------------------------------------------------
33.0 34.0 1.0 1.0 m @ 0.11 g/t Au
----------------------------------------------------------------------------
Cutoffs: 0.10 g/t Au
----------------------------------------------------------------------------
The surface evidence and narrow gold intersections identified
during this first phase of drilling at Kuliuta continues to suggest
that deeper copper-bearing rocks should be present beneath or
adjacent to these breccias, due to its close proximity (200 m
west-southwest) to the copper-bearing latite stock intersected by
drill holes KUD007-KUD011.
PPM believes that Kuliuta represents a significant porphyry
copper target for the following reasons:
-- Peripheral breccia swarms, some of which are narrowly gold and copper
mineralized;
-- Extensive hypogene haematisation (oxidation) that both caps La'mau'sing
Mountain and is present in the sub-surface;
-- The presence of both hypogene (or primary) native copper, varying from
trace to locally high (visual estimates) concentrations, and sulphide
copper as disseminations, stockworks and void-fillings over long drill
intervals below (the tested southern flanks of) La'mau'sing Mountain;
-- Long intervals of latite and pyroclastic breccia with porphyry-style
argillization (illite-quartz-pyrite) as well as zones of brecciation and
hypogene haematite flooding. Haematite flooding with blebs of native
copper persists to downhole to a depth of 480m (Hole KUD011).
Assays
Assays for Holes KUD007 to KUD011 will be reported when
available. Drill core from each of these holes has been logged and
sampled, while KUD007 has been resampled to determine
representative copper assay values. Quarter core from Hole KUD007
has been sent to ALS-Chemex, Brisbane, Australia, for further
analysis, as outlined in the Company's November 10 2011 news
release.
Samples from KUD008 to KUD011 are being sent to Genalysis
Laboratory in Lae, PNG, for sample preparation prior to pulps being
sent to Townsville, Australia for analysis. Gold analyses will
include standard 25g lead collection Fire Assay followed by Flame
Atomic Absorption Spectrometry.
The New Hanover Project
The Company believes New Hanover is an outstanding opportunity
for the discovery of porphyry copper and epithermal gold
mineralization in a geological terrane that has been bypassed by
modern mineral exploration for the past 22 years. The project
comprises two 100% owned exploration licences (EL 1566 & ELA
1856) covering 591.6 km2 at the north-western end of the
Lihir-Tabar alkaline volcanic belt, host to the giant Lihir and
Simberi gold deposits. Andesitic-dacitic volcanic rocks are
widespread on New Hanover. They were erupted from a coalesced
complex of Late Miocene-Early Pliocene stratovolcanoes that were
built upon older Late Eocene-Late Oligocene submarine andesitic and
basaltic rocks. Diorite, microdiorite and micromonzonite stocks
intrude the younger volcanic rocks. Of particular interest is the
presence of alkalic rocks, having relatively low silica content and
enriched in sodium and potassium, at the Kuliuta epithermal gold
prospect, indicating that New Hanover is geologically related to
the Plio-Pleistocene Lihir-Tabar chain of alkaline volcanic
islands.
Further details of the New Hanover project are available at
www.ppmpng.com.
The technical information in this news release has been prepared
in accordance with the Canadian regulatory requirements set out in
National Instrument 43-101 and reviewed on behalf of the company by
Ian David Lindley, President & Chief Operating Officer of
Papuan Precious Metals Corp., a Qualified Person. Dr. Lindley has
First Class Honours and Ph.D. degrees in Geology, 34 years mining
industry experience, and is a Fellow of the Australian Institute of
Geoscientists.
This press release contains "forward-looking information".
Forward-looking information is subject to known and unknown risks,
uncertainties and other factors that may cause PPM's actual
results, level of activity, performance or achievements to be
materially different from those expressed or implied by such
forward-looking information. Such factors include, but are not
limited to: uncertainties related exploration and development; the
ability to raise sufficient capital to fund exploration and
development; changes in economic conditions or financial markets;
increases in input costs; litigation, legislative, environmental
and other judicial, regulatory, political and competitive
developments; technological or operational difficulties or
inability to obtain permits encountered in connection with
exploration activities; and labour relations matters. This list is
not exhaustive of the factors that may affect our forward-looking
information. These and other factors should be considered carefully
and readers should not place undue reliance on such forward-looking
information. PPM disclaims any intention or obligation to update or
revise forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
law.
ON BEHALF OF THE BOARD
David Lindley, President and COO
Contacts: Papuan Precious Metals Corp. Greg Downey
1.866.979.7022info@ppmpng.comwww.ppmpng.com
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